Genmar Holdings, formerly headed by Irwin Jacobs, was once one of the two largest boatbuilders in the world, with 15 brands, until it was forced into Chapter 7 liquidation in 2009. Several brands became part of Platinum Equity’s boat lineup, but some were bought by J&D Acquisitions, headed by Jacobs and partner John Paul DeJoria.

Genmar objects to FLW Outdoors motion on engines

Objections were filed to FLW Outdoors’ expedited motion that it be allowed to obtain possession of 46 engines – valued at more than $450,000 – it says are now with Genmar’s Ranger and Stratos boat companies, but owned by FLW Outdoors. Genmar Holdings and the Committee of Unsecured Creditors in the Genmar bankruptcy case both…more


Windsor Craft cuts prices on yachts

Windsor Craft is now offering substantial savings on its yachts, which typically range from $500,000 to more than $1 million. The Windsor Craft 40 Hard Top with twin 440 horsepower Yanmar inboard engines originally retails for $1,221,926, and is now available for $883,000 – a savings of more than $300,000. The Windsor Craft collection of…more

Jacobs resigns as head of Genmar

Irwin Jacobs has stepped down as CEO, chairman of the board and as a director of Genmar Holdings to avoid a potential conflict of interest as he pursues a purchase of the company. In a letter dated Monday, Nov. 9, company president Roger Cloutier says the change was effective Nov. 6. “I’m keeping all of…more

Judge allows Genmar to work with bidder

A bankruptcy court judge in Minnesota approved Genmar Holding’s motion to enter into an exclusivity and expense agreement with a potential stalking horse. Genmar has identified a potential stalking horse as “the party that has submitted the best offer to date from the standpoint of cash consideration and probability of consummation.” It does not, however,…more

Textron files objection in Genmar case

Textron Financial Corp. and Textron Financial Canada filed an objection to Genmar Holdings’ motion relating to the sale of the company, saying Genmar needs to be more open in relating details of the sale process. Genmar’s motion, which was filed last Friday, was the first public announcement that it had “abandoned any hope for a…more

Committee supports sale of Genmar assets

The Unsecured Creditors Committee in the Genmar bankruptcy case today said it will “support a process that will result in the sale of the Genmar assets, to either one or multiple buyers.” In a court filing last week, Genmar said it was pursuing a sales process rather than a reorganization as a means to exit…more

Genmar moves from reorganization to sale

Genmar Holdings is now pursuing a sales process rather than a reorganization as a means to exit from Chapter 11 bankruptcy, according to court filings. While he couldn’t discuss specifics, Genmar chairman Irwin Jacobs confirmed he is a bidder for the company. “Unfortunately, I can’t give you the information for that right now because it’s…more

Genmar seeks to sell Minn. property for $3 million

Genmar Holdings is asking a bankruptcy court judge to allow it to sell property it owns in Minnesota for approximately $3 million. Minstar, the parent of wholly owned subsidiary Genmar Industries, acquired the property in August 1985 and leased it to Wayzata Marine from December 1992 through Oct. 14, 2009, according to court documents. The…more

Genmar seeks to sell Oregon property

Genmar Holdings is asking a bankruptcy court judge to allow it to sell property it owns in Oregon, where it previously manufactured Seaswirl boats. The sale will bring in approximately $29,870, which will be used to pay the senior lenders under the DIP loan, Genmar said in court documents filed this week. Macy Farms has…more

Genmar granted extension to file reorganization plan

Genmar Holdings has until Nov. 4 to file its plans for reorganization, a judge in U.S. bankruptcy court in Minnesota has ruled. In addition, the period in which Genmar has exclusive rights to obtain acceptances of such plans was extended to Jan. 3, 2010. When Genmar filed for Chapter 11 bankruptcy protection in June, it…more

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